calculate compound interest for 24800 for 2 years at the rate of 8%
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Calculate compound interest for 24800 for 2 years at the rate of 8%.
=> Principal (P)= ₹24800
=> Rate(R)= 8%
=> Time(T)= 2 years
Principal for the first year= ₹24800
Interest for the first year= ₹ 24800×8×1/100
Amount after one year= ₹24800+1984= ₹ 26784
Principal for the second year= ₹ 26784
Interest for the second year= 26784×8×1/100
Interest for the second year= 214272/100
Interest for the second year= 2142.72
Amount after 2 years= ₹ 26784+2142.72= ₹ 28926.72
Compound Interest for 2 years = final amount - (original) principal
= ₹ 28926.72-24800
= ₹ 4126.72
Step-by-step explanation:
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